Iran Steps Up Efforts for Oil Market Stability

Iran Steps Up Efforts for Oil Market Stability

TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh said he has held consultations with several foreign officials about plans to restore stability to the global oil market ahead of a meeting between OPEC and its allies.

In a post on his Twitter account on Tuesday, Zanganeh said he has held telephone conversations with Algeria's Minister of Energy and President of the OPEC Conference 2020 Mohamed Arkab, Russia’s Minister of Energy Alexander Novak, and Kuwait's Oil Minister Khalid al-Fadhil over the previous two days.

The Iranian minister said his consultations revolved around the decisions that members of the Organization of Petroleum Exporting Countries (OPEC) and its allies are going to make in the upcoming meeting to restore stability to the world market.

It was empathized in the negotiations that the other oil producers, including the US and Canada, should also participate in the plan, Zanganeh added, stressing that before any meeting between the OPEC and non-OPEC countries, an agreement must be reached on the basic production figures of each country, which will be necessarily a basis for the production cuts.

The OPEC members and allies, including Russia, are going to hold the video conference meeting on Thursday.

Their previous meeting in early March ended in failure to extend cuts and a price war between Saudi Arabia and Russia amid slumping demand.

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